UK - The Association of British Insurers is questioning whether Financial Services Authority proposals to improve transparency in sales literature justify their costs.
The ABI says many consumers will increasingly look towards products with clearer disclosure material irrespective of whether the FSA proposals are implemented.
ABI director general Mary Francis said: “We urge the FSA not to replace one set of prescriptive rules with another.
“We question whether these proposals – costing over £100m – are consistent with the Sandler report’s emphasis on low cost, simple and flexible products.”
This week's edition of Professional Pensions is out now.
Laytons partner Jennie Kreser speaks of her concerns over pension outcomes.
Guy Opperman has indicated his support for a fresh pensions commission as the government seeks to understand how to progress pensions policy in a wide range of areas.
Auto-enrolment (AE) minimum contribution rates could rise to 12% by 2030, with a 50/50 split between employer and employee, the Pensions and Lifetime Savings Association (PLSA) says.